SEC · Bitcoin · Federal Reserve (FED) · CryptoSlate
SEC proposes a path for crypto projects to raise $75 million and later end the token’s securities contract
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US regulators have already found a home for true Bitcoin perpetuals inside the CFTC’s exchange framework.
Key facts
- Regulation Crypto Assets therefore reaches beyond the offerings conducted under its own $5 million, $20 million, and $75 million limits
- Tier 1 permits up to $20 million with unaudited financial statements, while Tier 2 reaches $75 million and requires an independent audit
- Form 1-KC would provide an annual report within 120 days of the fiscal year-end, Form 1-SC would cover the first six months of the year within 90 days, and Form 1-UC would report specified events
- The proposal entered the Federal Register on Aug. 21, and comments are due Oct. 20
Summary
01 The SEC proposed crypto-specific routes that would let projects raise up to $75 million over 12 months. 02 The plan would pair token fundraising with disclosures, reporting, retail limits, and a conditional safe harbor. 03 Comments are due Oct. 20, and no project can use the exemptions until the SEC adopts a final rule. A derivatives exchange starts with an established asset and places a new contract around it.